Question by swaroop: Can I claim Income Tax for home loan which(flat) is under construction?
Can I claim Income Tax for home loan which(flat) is under construction.
Do I need to occupy the house for claiming the Income Tax. What is the criteria for claiming and how much I can claim.
Best answer:
Answer by Himanshu Goyal
As per indian income tax act 1961, erectile cost you can claim deduction for repayment of home loan(principal amount) for home which is ready and not under construction. this deduction is available under section 80c upto maximum of rs. 1 lac.
also u can claim interest deduction under section 24 after the completion of house and the interest for the period of construction can be claimed after construction in 5 years.
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Question by In the Kitchen: What kinds of things does FHA look for when inspecting a home for sale?
What structural items are they looking at when a buyer applies for an FHA loan?
Best answer:
Answer by Lisa L
FHA does not do an inspection. An FHA appraiser does the appraisal. FHA has cut back on the rigid rules of a few years ago. That is why you should have an inspection done.
The appraiser will look in the attic for possible leaks or damage. S/he will go into crawl space. Be sure there is a vapor barrier in the crawl space. Broken glass is a problem but cracked glass is no longer a problem. That was a big surprise to me. The house should be safe, sildenafil sound & sanitary. A raised deck with no railing would be an issue as well as open stairs with no handrails if more than 3 steps. Peeling paint outside is an issue, more about possibly inside if house was built before 1978.
The appraiser is not an inspector. Unless it is glaring it probably will not be an issue. I repeat, get an inspection.
What do you think? Answer below!
FHA appraiser do, do inspections and look at every thing that FHA/HUD requires to cover for Safety, soundness and security. They will be looking at the roof, in the attic, under the house in the crawl space for any advise condition. They will test the plumbing systems and electrical systems, the HVC systems. We have to follow the HUD hand book 4150.2. If the home was built prior to 1978 then there can be NO peeling paint anywhere on the site. The list is too long to go into everything so go to the HUD web site and download the hand book for appraisers. Also you should have a home inspection as this inspection is to protect HUD and not the homeowner.